Buying

8 Steps to Purchasing Property

Deciding to Buy. Purchasing a home or
property is the single most important financial decision many people will make.
We understand that you are not just making a transaction, but that your home truley embodies your life, family and dreams.

Choosing an experienced agent. Now is the time to engage
with a real estate professional who can guide you. We will spend time with you
to help you discern what you want and need in a home, and help you embark on your
search.

Securing financing. At True North, we work
with several local lenders whom we trust to provide you with excellent
financing for your purchase. Your lender will verify your income, run a credit
check, analyze your assets and determine how much money
you can borrow. Once you are pre-approved for a loan, the search begins in
earnest.

Finding your home. This is the most exciting part of the
process. At True North, we keep in close contact with you and work diligently
to match you with available properties that align with your lifestyle, family
and finances.

Making an offer. Your agent will help you
get to know the local market, find comparable listings and ultimately analyze
the listing price of the property you love in order to decide on an appropriate
offer, which includes price and other variables. We negotiate on your behalf to
obtain the best possible agreement for the property you desire.

Due Diligence. Through facilitating an
inspection and further analyzing the property, your agent will help you
understand any challenges or required improvements to your home. This part of
the process can hold surprises, but our goal is to help ensure that your
purchase is transparent, and any shortfalls of the property are fully disclosed
and addressed. All of this is done during the option period (generally 7-10
days), allowing you to negotiate repairs or credit for repairs, or terminate
the contract.

Insurance, appraisal and survey. Before closing, you need to secure
homeowner’s insurance. Your lender will also require an appraisal that will
determine if the home is worth the contract price. You may also be required to
obtain a survey of the property. Your True North agent will work with your
lender to coordinate the necessary steps.

Closing. During the weeks before
closing, your lender will work to finalize your loan. This is a critical time
for remaining in contact with your agent and lender, and refrain from any major
spending without approval from your loan officer. On closing day, you will meet
with a title company where a title agent will review all the documents needing
your signature to finalize your purchase. Your True North agent will act as
your advocate throughout this process, insuring that all paperwork reflects the
proper agreements. Once the funds have been released, you are “funded” and your home/property is yours. Time to celebrate!

Buyer Representation

It
is in both a buyer’s and a broker’s best interest to formalize the buyer-broker
relationship through a Buyer Agency Agreement. Here’s why:

Clear expectations. An agreement with a True
North professional as your buyer agent is based on mutual consent and
satisfaction. We will provide a clear written outline of our obligations to
you, as well as what we expect from you, the buyer. As in any agreement, if a
buyer agent isn’t living up to your expectations, you can cancel the agreement.

Strong advocacy. Working with one agent (as
opposed to multiple listing agents) benefits you as your agent knows you and
what you are seeking, and is contractually bound to negotiate for your best
interest. Empowered by the agency relationship, your buyer agent may also seek
out unlisted properties on your behalf.

Avoid disputes. Confusion can arise when a
buyer indicates interest to more than one selling agent. To avoid disagreement
on commissions and other transactions, work with one buyer agent who represents
you.